Economy
Dubai Free Zone to Refund $354 Million in Fees to Spur Economy

(Bloomberg) — Dubai’s main port and biggest free zone authority plans to return 1.3 billion dirhams ($354 million) in cash and bank guarantees to its clients in an effort to stimulate the broader economy.
Jebel Ali Free Zone will start refunding companies operating in its jurisdiction in September. Jafza, as the economic zone is known, said in a statement the move will help companies invest in their operations and strengthen their businesses.
Last year, the United Arab Emirates reduced fees required to hire foreign workers, cutting the annual cost to just 60 dirhams per employee from 3,000 dirhams. The stimulus was intended to blunt the effects of lower oil prices and weakened regional economies which have hurt growth in the U.A.E., where expatriates make up about 80% of the population.
Jafza and port operator DP World Plc are key employers in Dubai accounting for 16.2% of the emirate’s total workforce. The free zone said it contributed over 33% of Dubai’s economy in 2017. Dubai’s nominal gross domestic product in 2017 was 412 billion dirhams.
-
Banking & Finance1 month ago
Oman Arab Bank Announces Increase of Authorised Capital to RO500mn and Paid‑In Capital Boost of RO50mn
-
OER Magazines2 months ago
OER, May 2025
-
Bahrain1 month ago
SPIEF 2025 focused on global and regional economic processes, market transformation, new tech, investment climate, financial policy and people
-
Banking & Finance2 months ago
Central Bank of Oman Issues Regulatory Framework for Digital Banks
-
Banking & Finance3 weeks ago
National Finance Reinforces Position as Partner for Growth, Offers a Comprehensive Product Suite to Support Customer Ambitions
-
Insurance2 months ago
Liva Insurance Sets New Benchmark with ‘Innovative Insurer of the Year’ Award at the New Age Banking Summit 2025
-
Banking & Finance1 month ago
The Future of the International Financial System to be discussed at SPIEF 2025
-
Energy4 weeks ago
Russian Energy Week from October 15-17, 2025 offers alternative formats of cooperation
You must be logged in to post a comment Login